The auction market took a hammering in 2007 - the number of properties offered for auction dropped by around 70 per cent and the trend is set to continue this year.

Most estate agents will be advising homeowners to sell by private treaty in 2008 unless their property is particularly valuable or unusual.

When they work, auctions are a great way to sell: they're fast and, if a property sells under the hammer, the contract gets signed on the day.

With the average sales campaign lasting for less than a month, the whole process can be over relatively quickly. On the downside, it's expensive - auction properties are usually advertised heavily in advance, and advertising often has to be paid for upfront.

Selling by private treaty can take a lot longer but properties can be marketed through less expensive channels such as the internet. Your home may be on show for weeks on end before a buyer emerges and keeping it in good shape will be a strain. Even when offers do come in, it can be many more weeks, even months before a contract is signed. Buyers are proving slow to commit in the present market, safe in the knowledge that there is little, if any competition out there.

The key to selling by either method is being decisive on price. Auction properties come with an AMV (advised minimum value) which is the price at which the owner is prepared to sell and it's a foolish vendor who does not accept an offer at the AMV.

Similarly, in a private treaty sale, the owner should have a minimum price in mind. High minded sellers risk a very long wait, or no sale at all, if they hold out for their dream price.